o3 Capital acted as exclusive financial advisor to Neuberg Diagnostics for its INR 9,400 mn fund-raise from Kotak Alt. This is the largest primary fund-raise in the Indian diagnostics sector and the first private equity round for Neuberg Diagnostics.

This deal marks o3 Capital's 13th deal closure in the Healthcare & Lifesciences space in the last 18 months. The deal underlines o3 Capital’s deep understanding of the diagnostics segment having consummated the landscape’s largest primary fundraise as well as the 2nd growth funding deal in the last 4 months. (67 Healthcare and Lifesciences deal closures to date).

Speaking about the fund raise, Shiraz Bugwadia, Senior Managing Director at o3 Capital remarked, “o3 Capital is proud to have advised on a landmark deal in the Indian healthcare industry. While the diagnostics industry has been largely unorganized and underpenetrated, growth funding deals for companies such as Neuberg Diagnostics help extend world class and affordable diagnostic services across the country. Our understanding of the diagnostics space and the larger healthcare industry is evident from our successful deal closures and the trust placed upon us by entrepreneurs across the healthcare ecosystem. We look forward to our continued close association with this industry.”

Neuberg Diagnostics, founded in 2017 and headquartered in Chennai, has rapidly emerged as the fastest-growing, largest integrated diagnostics player in the country and one of the top 4 largest diagnostics providers of Indian origin. With an extensive network spanning over 10,000 touch points and 250+ labs across 250 cities, the Company is well on its way to transforming the healthcare landscape in India. It boasts a highly skilled team of clinical pathologists, oncopathologists, biochemists, geneticists, and other certified lab professionals, giving it the capability to perform over 5,000 types of tests. Additionally, Neuberg ranks as one of the top 2 genomics players in India and holds a leadership position in newborn screening & reproductive genomics testing. The company is the first-of-its-kind in India to set up dedicated centers of excellence covering modalities across genomics, proteomics, metabolomics, transplantation immunology, haemato-oncology, and histopathology.

Kotak Alternate Asset Managers Limited (“Kotak Alt”), a part of Kotak Mahindra Group (“Kotak”), focuses on alternate asset management and investment advisory businesses. Kotak Alt was set up in early 2005 and has raised/managed/advised over USD 22 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit and Investment Advisory. The asset management business and investment advisory vertical are managed by independent specialist teams.

Speaking about the fundraise, Dr GSK Velu, Founder and MD of Neuberg Diagnostics, said, “We are thrilled to announce that Neuberg Diagnostics has secured an investment from KAAML marking a significant milestone in our journey toward becoming one of the largest diagnostics chains of Indian origin. This funding will enable us to enhance our capabilities in the areas of personalised medicine, integrated diagnostics and inorganically expand our footprint across the country. As we prepare for an IPO, we remain committed to making high-quality diagnostics accessible to all, ensuring that our services continue to meet the evolving needs of clinicians and patients.”

Rahul Shah, Partner at Kotak Alt said, “We are excited to partner with Neuberg Diagnostics as they work to transform the diagnostics landscape in India. The investment reflects our confidence in Neuberg's vision and potential. We are confident that this strategic investment will play a key role in increasing the scale of Neuberg Diagnostics and help the Company get ready for their upcoming IPO. This investment solidifies our commitment to supporting quality healthcare solutions that improve patient outcomes and accessibility.”